Cubs sale approved by MLB owners
Bankruptcy court has to sign off
Last Updated: Tuesday, October 6, 2009 | 6:04 PM ET
The Associated Press
Major League Baseball owners on Tuesday unanimously approved the sale of the Chicago Cubs from the bankrupt Tribune Co. to the family of online brokerage billionaire and long-time fan Joe Ricketts.
The vote was made during a conference call. Tom Ricketts, who has headed the sale for his family, could take day-to-day control of the Cubs by the end of the month.
Commissioner Bud Selig said the Ricketts family will be "great owners and custodians" of the storied franchise, perhaps best known for a World Series championship drought that now stands at 101 years.
"We're extremely pleased that the sales process is drawing to a close," Selig added.
Chicago-based Tribune, which owns the Chicago Tribune, Los Angeles Times, other newspapers and TV properties, bought the Cubs in 1981 from candy maker Wm. Wrigley Jr. Co. for $20.5 million US.
The Rickettses, whose wealth comes from the family-owned, Omaha, Neb.-based TD Ameritrade Holding Corp., signed an agreement to buy a 95 per cent stake in the team and in Wrigley Field, the second-oldest ballpark in the majors.
The $845-million US deal also includes Tribune's approximately 25 per cent share of regional cable TV network Comcast SportsNet Chicago.
"The Ricketts family is honoured to have received the approval of Major League Baseball owners today. This is a major step forward, but the transaction is not yet complete," the family said in a statement.
A bankruptcy court still has to give final approval to the deal. And then a final financial closing must take place, though it is expected to be completed by the end of this month.
Tribune announced on opening day in 2007 that the marquee franchise and ballpark would be sold at the end of the season. But the process was slowed by CEO Sam Zell's efforts to maximize sale profits, the collapse of credit markets and Tribune's 2008 bankruptcy filing.
The sale figure exceeds the record $660 million paid for the Boston Red Sox, their ballpark and TV network in 2002.
After back-to-back division championships, the Cubs didn't make the playoffs this season, despite a payroll of $135 million.
